A Remedy For The Gig and Shared Economy Uncertainties
At the heart of his analysis is a blind reliance on academia’s exclusively labor-based definition: that “productivity” of “labor” increases in technologically advanced economies.
Academics should begin using terms that reflect the interdependent productiveness of labor and capital, and to whom incomes should flow based on their relative contributions to production of marketable goods and services, as advocated under Say’s law of markets. Simply lowering tariffs and other impediments to free trade or raising tariffs to protect jobs will not allow for sufficient incomes to flow to workers. Robotics, artificial intelligence and information technologies are too rapidly replacing every form and level of human input.
There is no technical reason that a more just and free market economy would not grow faster without inflation if all consumers enjoyed more equal opportunity to participate as owners of labor-displacing technologies. If everyone had equal access to insured capital credit, newly issued growth shares could be paid for with future profits, supporting a more advanced economic system advocated under the Universal Declaration of Human Rights.
It’s time for protectionists to open their eyes to the monetary and tax barriers that prevent equal access to the right (and means) to capital ownership by every citizen. They might then see that by dismantling these artificial barriers to equal economic opportunity, we can make America truly great again.
(An excerpt from the author’s letter published by Washington Post.)